(To read more on the net lease market, click here.)

ELK GROVE VILLAGE, IL-Citicorp Credit Services, Inc. has signed the largest suburban office lease for existing space so far this year, taking Franklin Street Properties Corp.’s entire 176,848-sf building at 50 Northwest Point. The financial services giant is consolidating operations in the 125-acre Park at Northwest Point now in the O’Hare area, Deerfield and Hoffman Estates.

The lease begins Jan. 1, according to a short form of the 10-year deal filed with the Cook County Recorder of Deeds office. Citicorp Credit Services has two five-year options beginning in 2017. Although financial terms were not disclosed, asking gross lease rates at the building along the Northwest Tollway have been $24 per sf, which would put the value of the 10-year lease in the neighborhood of $42 million.

The vacant building represented the third-largest block of class A space available in the suburbs, according to MB Real Estate’s most recent market report. The only larger lease transaction this year has been HSBC’s deal for a 440,000-sf build-to-suit in north suburban Mettawa, according to MB Real Estate.

Trammell Crow Co.’s Doug Shehan and Norm Murdoch represented Wakefield, MA-based Franklin Street Properties Corp. in negotiations with Gregg Raus and Scott Goldman of Equis.

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